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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 541,576 $ 567,831 $ 654,776
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 586,402 565,857 544,004
(Gain) loss on sale of depreciable real estate assets (55,003) 62 (214,762)
Gain on sale of non-depreciable real estate assets 0 (54) (809)
Gain on consolidation of third-party development (11,239) 0 0
Loss (gain) on embedded derivative in preferred shares 18,751 (18,528) 21,107
Stock compensation expense 15,789 15,699 18,798
Amortization of debt issuance costs, discounts and premiums 6,036 5,909 6,064
(Gain) loss on investments (7,809) (4,449) 45,357
Net change in operating accounts and other operating activities 3,789 4,860 (16,056)
Net cash provided by operating activities 1,098,292 1,137,187 1,058,479
Cash flows from investing activities:      
Purchases of real estate and other assets (301,071) (223,453) (271,428)
Capital improvements and other (322,372) (341,224) (296,176)
Development costs (313,888) (198,152) (172,124)
Distributions from real estate joint venture 327 312 538
Contributions to affiliates (2,874) (16,636) (13,849)
Proceeds from real estate asset dispositions 84,209 2,946 320,491
Proceeds from sale of markable equity securities 9,975 0 0
Net proceeds from insurance recoveries 20,195 945 27,312
Net cash used in investing activities (825,499) (775,262) (405,236)
Cash flows from financing activities:      
Net (payments of) proceeds from commercial paper (245,000) 475,000 20,000
Proceeds from notes payable 1,091,646 0 0
Principal payments on notes payable (400,000) (353,861) (126,401)
Payment of deferred financing costs (10,317) (2) (5,516)
Distributions to noncontrolling interests (18,260) (17,671) (14,927)
Distributions paid on common units (686,900) (651,717) (539,605)
Distributions paid on preferred units (3,688) (3,688) (3,688)
Proceeds from issuances of common shares 1,230 205,070 1,083
Acquisition of noncontrolling interests 0 (15,757) (43,070)
Net change in other financing activities 166 (5,279) (10,646)
Net cash used in financing activities (271,123) (367,905) (722,770)
Net increase (decrease) in cash, cash equivalents and restricted cash 1,670 (5,980) (69,527)
Cash, cash equivalents and restricted cash, beginning of period 55,091 61,071 130,598
Cash, cash equivalents and restricted cash, end of period 56,761 55,091 61,071
Reconciliation of cash, cash equivalents and restricted cash at period end:      
Cash and cash equivalents 43,018 41,314 38,659
Restricted cash 13,743 13,777 22,412
Total cash, cash equivalents and restricted cash 56,761 55,091 61,071
Supplemental information:      
Interest paid 164,883 157,566 157,497
Income taxes paid 3,343 4,002 3,490
Non-cash transactions:      
Distributions on common shares/ units declared and accrued 181,738 176,162 166,103
Accrued construction in progress 32,903 23,345 16,484
Interest capitalized 17,435 12,376 8,728
Conversion of OP Units to shares of common stock 3,529 1,092 2,118
Limited Partner [Member]      
Cash flows from operating activities:      
Net income 541,576 567,831 654,776
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 586,402 565,857 544,004
(Gain) loss on sale of depreciable real estate assets (55,003) 62 (214,762)
Gain on sale of non-depreciable real estate assets 0 (54) (809)
Gain on consolidation of third-party development (11,239) 0 0
Loss (gain) on embedded derivative in preferred shares 18,751 (18,528) 21,107
Stock compensation expense 15,789 15,699 18,798
Amortization of debt issuance costs, discounts and premiums 6,036 5,909 6,064
(Gain) loss on investments (7,809) (4,449) 45,357
Net change in operating accounts and other operating activities 3,789 4,860 (16,056)
Net cash provided by operating activities 1,098,292 1,137,187 1,058,479
Cash flows from investing activities:      
Purchases of real estate and other assets (301,071) (223,453) (271,428)
Capital improvements and other (322,372) (341,224) (296,176)
Development costs (313,888) (198,152) (172,124)
Distributions from real estate joint venture 327 312 538
Contributions to affiliates (2,874) (16,636) (13,849)
Proceeds from real estate asset dispositions 84,209 2,946 320,491
Proceeds from sale of markable equity securities 9,975 0 0
Net proceeds from insurance recoveries 20,195 945 27,312
Net cash used in investing activities (825,499) (775,262) (405,236)
Cash flows from financing activities:      
Net (payments of) proceeds from commercial paper (245,000) 475,000 20,000
Proceeds from notes payable 1,091,646 0 0
Principal payments on notes payable (400,000) (353,861) (126,401)
Payment of deferred financing costs (10,317) (2) (5,516)
Distributions paid on common units (705,160) (669,388) (554,532)
Distributions paid on preferred units (3,688) (3,688) (3,688)
Proceeds from issuances of common shares 1,230 205,070 1,083
Acquisition of noncontrolling interests 0 (15,757) (43,070)
Net change in other financing activities 166 (5,279) (10,646)
Net cash used in financing activities (271,123) (367,905) (722,770)
Net increase (decrease) in cash, cash equivalents and restricted cash 1,670 (5,980) (69,527)
Cash, cash equivalents and restricted cash, beginning of period 55,091 61,071 130,598
Cash, cash equivalents and restricted cash, end of period 56,761 55,091 61,071
Reconciliation of cash, cash equivalents and restricted cash at period end:      
Cash and cash equivalents 43,018 41,314 38,659
Restricted cash 13,743 13,777 22,412
Total cash, cash equivalents and restricted cash 56,761 55,091 61,071
Supplemental information:      
Interest paid 164,883 157,566 157,497
Income taxes paid 3,343 4,002 3,490
Non-cash transactions:      
Distributions on common shares/ units declared and accrued 181,738 176,162 166,103
Accrued construction in progress 32,903 23,345 16,484
Interest capitalized $ 17,435 $ 12,376 $ 8,728